LG Display (A034220) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached KRW 6.82 trillion, up 2% quarter-over-quarter and 43% year-over-year, driven by increased small panel shipments and OLED-centric business transition.

• Operating loss narrowed to KRW 80.6 billion, including a one-off ERP-related expense exceeding KRW 100 billion.

• Net loss reduced to KRW 338 billion, reflecting ongoing cost reduction and operational efficiency efforts.

Financial highlights

• EBITDA for Q3 2024 was KRW 1,162 billion, with a margin of 17%.

• Gross margin improved to 12.4% in Q3 2024 from 9.2% in Q2 2024.

• Area shipment declined 3% quarter-over-quarter but grew 32% year-over-year on higher TV panel shipments.

• ASP per square meter increased 6% quarter-over-quarter to $825, supported by growth in small OLED products.

• Cash and cash equivalents at quarter-end stood at KRW 1.8 trillion.

Outlook and guidance

• Q4 shipment expansion for TV and notebook PC panels projected to deliver mid-single digit percentage growth quarter-over-quarter.

• ASP per square meter expected to rise by mid-single digit percentage, driven by smartphone panel shipments.

• Management continues to focus on scaling OLED business, cost reduction, and operational efficiency amid macro uncertainty.

• Demand volatility persists across applications due to uncertain downstream market conditions.